Tencent leads $600m Mobike fundraising

The Chinese bike-sharing company raised a record series-E round of funding, three months after top competitor Ofo landed another $450 million.

China's leading rental bike companies are shifting up the gears in China and racing to raise more capital in a bid to leave the chasing peloton even further behind.

Beijing Mobike Technology announced on Friday that it had raised a further $600 million from investors, led by Tencent Holdings Ltd, to help it swallow up other bike-sharing rivals and expand its services overseas.